The City Council is considering a deal with the developer of a mixed-used project to be anchored by Ikea in far north Fort Worth that would rebate up to $18 million in sales taxes.
The economic development agreement is with a limited partnership called NTP35. The unnamed project sits on about 48 acres at the southwest corner of Interstate 35W and North Tarrant Parkway, Robert Sturns, the city’s economic development director told the City Council Tuesday. The council will vote on the incentive June 6.
The incentive would begin in 2021 after the development is mostly completed and occupied and would be paid over 15 years, he said. To earn the incentive, the developer must spend a minimum $100 million on the project.
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So far, the development is planned to have 480,000 square feet of space, which includes the 289,000-square-foot Ikea store. It will also have 75,000 square feet of Class A office space, 48,000 square feet of restaurant space, and at least 66,000 square feet of other commercial space, for such things as a hotel.
“That tract is large enough to really have a nice-sized corporate campus and that could be an attractive element as part of the overall development,” Sturns said.
The Ikea store will open in February 2019, Sturns said. All of the space is to be ready for occupancy by July 31, 2021.
The developer will be required to spend 30 percent in hard construction costs with Fort Worth companies and, of that, 25 percent with Fort Worth minority and women-owned businesses.
In March, Ikea announced it would open a 289,000-square-foot store with 900 parking spaces at the southwest corner of I-35W and North Tarrant Parkway.
Sturns said his office has worked with the developer for some time on a possible incentive for the development. The project is expected to become a regional retail draw, he said.
“I don’t think anybody is going to have anything bad to say about Ikea coming anywhere near here,” Councilwoman Gyna Bivens said.
Ikea opened a store in Frisco in 2005 and will open a second North Texas location in Grand Prairie in November at the northeast corner of Interstate 20 and Texas 161. The Grand Prairie store will have about 250 workers. Employment numbers were not released for the Fort Worth store.
▪ The council voted 9-0 to approve a request to rezone a 139-acre tract at 2601 Greenbelt Road, just south of Trinity Boulevard in east Fort Worth that will allow Bell Helicopter to build runways and a practice airfield for pilot training. Next year, the location will replace an airfield Bell has been using near Texas Motor Speedway. Keller residents have complained about the noise caused by helicopters flying from Bell’s east Fort Worth facility to north Fort Worth.
▪ The council voted 9-0 to approve a new contract with the Fort Worth Police Officers Association. City and police officials reached a tentative agreement in April for a new contract. It was recently ratified by the Police Officers Association by 92.5 percent. The four-year contract, which gives officers across-the-board raises and incentive pay increases, among other things, covers the city’s 1,625 officers. Changes were made in the contract regarding the use of polygraphs for all new hires, creating the rank of commander and overtime pay.